Plan 5 Student Loan Calculator
Estimate your monthly and total repayments for Plan 5 student loans starting from 2023/24.
About Plan 5 Loans
Plan 5 loans apply to students who started university in England or Wales from September 2023. You repay 9% of income above £25,000 per year.
Your Repayment Summary
Monthly Repayment
£37.50
9% of income above threshold
Annual Repayment
£450
Total to be Repaid
£18,000
Over the life of the loan
Expected Write-Off Date
April 2066
40 years after graduation
Current Interest Rate: RPI only (4.6% total)
How Does the Plan 5 Student Loan Calculator Work?
This calculator helps you understand your Plan 5 student loan repayments based on your salary and loan amount. Plan 5 loans apply to students who started higher education in England or Wales from September 2023 onwards.
Key Facts About Plan 5 Student Loans
- Repayment Threshold: You only repay when you earn above £25,000 per year
- Repayment Rate: 9% of income above the threshold
- Interest Rate: RPI only (no additional percentage)
- Forgiveness Period: Any remaining balance is written off 40 years after entering repayment